Several unit owners have contacted the office to say they believe our building is underinsured regarding flood insurance. We contacted our insurance agent at Brown & Brown and they provided this explanation regarding the level of flood insurance coverage purchased by The Presidential Condominium Association:

FEMA allows condominium associations to insure as low as 80% of the value. They monitor all flood carriers, including Wright. At the renewal, the board of directors decided to continue with the $28,101,700 value option which keeps [The Presidential] in compliance of Florida Statute, FEMA and still insures [the building] to 92% of the value stated on the appraisal. 

Lendors opinion of what is “under insured” is completely specific to each private company, but The Presidential Condominium is not under-insured as outlined by FEMA or Florida Statute. The board actually elected a limit that is higher than “bottom value” (at 80% co-insurance) they could choose.

— Source: Brown & Brown Insurance, Fort Lauderdale